That is the lifestyle that awaits two of the key figures in bankrupt Colonial Realty Co. even if the thousands of creditors and investors who lost hundreds of millions of dollars manage to find and take all their assets.

Before Benjamin Sisti and Frank Shuch were forced into bankruptcy a year ago, homes in Florida were purchased under their wives' names. Unless it can be proven that the homes were purchased with money that was earned illegally or fraudulently, it is unlikely that Sisti and Shuch will lose them. The third key Colonial figure, Jonathan Googel, once owned a Florida condominium with Sisti, which has since been sold. Googel, through a spokesman, said neither he nor his wife now own property in Florida.

The Sistis have three Mediterranean-style villas in the middle of the 1,000-acre exclusive development between the ocean and the intercoastal waterway in Jupiter, called Admirals Cove.

Perry Como, Burt Reynolds, Loni Anderson and Jack Nicklaus are some of the rich and famous who also have homes in Jupiter. But even they can have some trouble getting by the guards at Admirals Cove if they try to get in without an invitation.

Off-white stucco-covered concrete walls surround the development. Other than the entrance for construction workers, there are only two ways to get into the complex -- through the guarded gate in the front or by water past a security guard who is stationed in a boat.

Guards in white squad cars also patrol the private, palm tree-lined streets with names such as Spyglass and Spinnaker lanes. At the end of each day, they check the sign-in sheets to make sure that the visitors who were supposed to have left by dusk did so.

More than 200 acres of canals, which feed into the intercoastal waterway, crisscross the development. Quaint wooden bridges span the canals, providing for quick access to the 45 holes of golf designed by golf architect Robert Von Hagge. There is even a driving range with dozens of practice balls waiting at each station

for the golfers.

On Commodore Drive, the Sistis have three homes, purchased by Benjamin's wife, Helene Sisti, last year for $5 million cash. All have swimming pools in the back yards.

Two 4,000-square-foot pink villas are used by their children, Kevin and Sarah. Benjamin and Helene Sisti have an 8,000-square-foot villa complete with stained-glass double doors and aqua-green roof tiles. The inside of the large family home is furnished with custom-made mahogany, cherry and walnut furniture.

Benjamin and Helene's home is on a canal and their children's houses are across the street.

But the main Sisti house is only a guest house in comparison to their 57,000-square-foot Farmington home, which is being foreclosed on by People's Bank. If they start to feel a little cramped, they can always hop into their boat off their private dock and take a five-minute trip on the canal to the 60,000-square-foot Admirals Cove clubhouse, one of the largest and fanciest such private facilities in Florida.

Driving to the clubhouse will not be as stylish as it used to be. The Sistis have traded in some of their fancier cars, such as the Mercedes and Excalibur, for lower-profile Buicks, sources in Florida said.

While dining in one of the several restaurants at the clubhouse, the Sistis can look out the giant windows and view the 60-foot cabin cruisers docked at the private marina. An immaculate swimming pool can be seen through the windows behind the bar.

The clubhouse is equipped with a health club, a bank and even has dry cleaning services.

"This is a self-contained community," said a real estate agent attempting to sell one of the houses. "You never have to leave here." The amenities, however, are not cheap. First there are one-time "initiation" fees: $15,000 for each person for a social membership to use the clubhouse; $22,000 for tennis; and golf costs $45,000 a person. But golf is limited to about 800 members, eliminating long waits one has at public courses.

Then there are the yearly fees -- $4,320 a year for a family to golf and $1,725 for the family to play tennis. Even paradise, however, can have hassles. This summer, the lawn became overgrown and full of weeds at Benjamin and Helene's villa, where the original landscaping bill was in the tens of thousands of dollars, said sources in Florida. The sources said the property's unkempt appearance stemmed from a dispute between the gardener and Sisti. A few miles south, on Florida's east coast in Boca Raton, Frank and Nancy Shuch have a $600,000 condo in Chateau, a 27-unit complex at Boca Grove Plantation.

Eighteen holes of immaculate green golf designed by Karl Litten grace this community of about 300 families. As at Admirals Cove, security is as big a selling point as luxury. High walls, fences, guards and the latest alarms protect its residents.